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How to Increase Market Share

How to Increase Market Share

Increasing market share is one of the most important objectives of business. The main advantage of using market share as a measure of business performance is that it is less dependent upon variables such as the state of the economy or changes in tax policy. Market share is the percentage of a market (usually defined in terms of revenue) accounted for by one specific entity.

As the marketer of your business, you need to constantly evaluate how to increase market share, and one important component on how to do so is to be able to translate sales targets into increases in market share. This will help demonstrate whether future revenue and profit goals are to be attained by growing with the market or by capturing a portion of your competitors share. The latter is usually more difficult to achieve. Market share is closely monitored for signs of change in the competitive landscape, and it frequently drives strategic or tactical actions.

The most important and vital determination for increasing market share is constructing a business development budget. How do you do this? Just like in creating a budget at home to determine costs and savings, a business budget is key and necessary, and should not be put off to a later date. In order to save money, you need to see where it is going and where the best place is to put the money that is coming in the door. The same principle is established in budgeting to increase market share in your business.

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First establish goals that are specific, realistic, and timely. “Making money” is not a specific goal. Making “$100,000.00 in profit” is specific. Set realistic goals. “Taking over wall street” isn’t. But, if you are in textiles, launching a new line of children’s socks is realistic. Make sure you set a timeline for your goals. Without a timeline, it’s nearly impossible to determine how much money to invest in your company for any given fiscal quarter.

Review existing financials for your company. Utilize the expenses of your company’s past history to determine and estimate future costs for your business development. You can budget more wisely. You can also base your estimates on numbers from other businesses in your same region and industry. Most general statistics are listed in trade associations or public records.

List your various cost categories: rent, payroll, taxes, insurance, etc. Account for any unique costs as well such as payments to a former owner. Check your records against other businesses. This may be a good indicator if your budget is too small or too large in any given category. Always review your work and revise accordingly. There are numerous experts available to assist you in your market share growth: financial analysts, CPAs, and business brokers, just to name a few.

Here on Webponder.com, you can find experts in many different marketing areas that are ready to speak to you and help you with your business budgeting or goal of how to increase market share. The experts and professionals can talk with you live and face to face through a video consultation from your personal computer. It will be just like you are meeting with them in person. All you need to do is browse the directory and choose the expert you wish to speak with, and click on “Schedule a Meeting.” Once the expert approves your request and agrees to consult with you, attend the consultation at the scheduled time, and get all the advice or expertise you are looking for. There is no need to setup anything, simply plug in the numeric code that is provided to you upon scheduling, and you’re immediately taken to the consultation. Don’t pass up a great opportunity to connect with a professional who has the expertise that you seek, schedule a consultation today.

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